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The CEO of Euro Pacific Capital and prominent Bitcoin critic, Peter Schiff, has accused Grayscale of manipulating the Bitcoin market using its GBTC product. He took to Twitter today to express his disgust by attacking one of the biggest Bitcoin buyers, Grayscale Investments, a subsidiary of Barry Silbert’s Digital Currency Group.
He stated that the company is interested in manipulating the price of BTC rather than being useful to its clients. According to him, Grayscale is trying hard to manipulate the BTC market using its GBTC product. Peter Schiff further tweeted yet again (as a reply to Grayscale’s announcement that it had acquired almost a billion dollars in crypto within 24hrs), doubting the company’s intentions for buying Bitcoin since its primary product (GBTC) is now trading at a 13.88 percent discount to NAV.
Schiff opined that Grayscale is more interested in manipulating the BTC price than satisfying its clients since it charges them extra cash, giving them exposure to Bitcoin and other cryptocurrencies at a premium. For Litecoin and Bitcoin Cash, the premiums are extremely high and constitute 859.42 percent for LTC and 238.69 percent for BCH, respectively.
And according to U.Today, Schiff had stated that the decline in the GBTC premium signifies the dropping interest of investors in Bitcoin.
Besides Grayscale, Peter Schiff also challenged the CEO of MicroStrategy, Michael Saylor, daring the prominent Bitcoin evangelist to debate about Bitcoin with him. Meanwhile, Saylor had participated in a TV show two days ago in which he debated about Bitcoin with Frank Giustra, a gold fan, and BTC critic. But he did not respond to Schiff’s challenge at the time he tweeted.
Many crypto enthusiasts labeled Schiff as an antagonist who would not want to see the crypto industry grow and described his recent Twitter attacks as an avenue to express his skepticism for the industry.